Basic Income StatementThere are two basic income statements, the Profit and Loss Summary and the Profit and Loss Detail. Profit and Loss Summary Statement The profit and loss summary statement, tells us the total income, cost of goods and expenses for each account for a given period of time. This financial statement is usually one-two pages long and can tell you at a glance how much money your company has gained or lost during the period of time printed at the top of the income statement. For a sample of what this statement looks like, click here. For a further understanding of the Income Statement or Profit and Loss Statement, click here. Profit and Loss Detail Statement If you are looking for more a more itemized report, you would create a Profit and Loss Detail report. This report provides a detail of every transaction in your income, expense and cost of goods account for a given time period. Return from Summary Income Statement to Understanding the Income Statement.
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